Jack's Feed
Sep 28, 2012

Colombia holds rates given solid growth, to buy dlrs

BOGOTA, Sept 28 (Reuters) – Colombia’s central bank held its
benchmark interest rate steady on Friday as above-forecast
second quarter economic growth and an outlook for solid 2012
expansion gave policymakers room to pause rate cuts.

The bank held its overnight lending rate at 4.75 percent, as
expected, after policymakers cut borrowing costs at the last two
meetings to shield Latin America’s fourth-largest economy from
slipping demand for exports like coal and oil.

Sep 28, 2012

Colombia current acct deficit widens in H1 vs year ago

BOGOTA, Sept 28 (Reuters) – Colombia’s current account
deficit widened to 2.7 percent of gross domestic product in the
first half of the year from 2.4 percent in the same period last
year, data from the central bank showed on Friday.

The $4.8 billion deficit, wider in dollar terms from the
$3.88 billion gap in the January-June period a year ago, was
driven by import payments of goods and services and profit
remittances by foreign companies operating in Colombia.

Sep 25, 2012

Colombian peace deal would not end all violence: report

BOGOTA (Reuters) – A peace accord with Marxist FARC rebels would not likely end all bloodshed in Colombia because breakaway renegade fighters and other drug-funded crime gangs would continue to battle government troops, an influential think-tank said on Tuesday.

Half-way through his four-year term, President Juan Manuel Santos is taking the biggest political gamble of his career, negotiating with leftist rebels to try to end a nearly five-decade war that has killed tens of thousands of people.

Sep 19, 2012

Key Colombian drug lord captured in Venezuela

BOGOTA (Reuters) – One of Colombia’s most wanted drug traffickers was captured in neighboring Venezuela on Tuesday with the help of Caracas as well as British and U.S. intelligence agencies, Colombian President Juan Manuel Santos said.

Colombia is one of the world’s top producers of cocaine, and criminal gangs composed of former right-wing paramilitary groups and old cartels have become a major emerging threat to the nation of 46 million people.

Aug 14, 2012

Colombia coal rail workers vote to end strike, union cries foul

BOGOTA (Reuters) – Colombian railway workers at the country’s main coal line voted on Monday to end a three-week strike that has paralyzed more than half of coal shipments from the world’s fourth-largest exporter, but the union called the vote illegal and has vowed to continue the strike.

Striking workers at privately held rail company Fenoco have brought coal exports from the main producing province of Cesar to a halt, causing major coal producers to declare limited force majeure and costing the government more than $1.2 million per day in royalties.

Aug 2, 2012

Colombia’s main railway, workers to meet over coal strike

Aug 2 (Reuters) – Colombia’s main coal railway and striking
workers will meet o n T hursday after nearly a week-long hiatus in
government-mediated talks to try to break an impasse over a
walkout in which major producers are starting to declare force
majeure, officials said.

Two of Colombia’s top coal exporters — Drummond
International and Glencore’s Prodeco unit — have already
canceled some cargoes due to an 11-day strike that may give
support to global prices despite an oversupplied market.

Aug 1, 2012

Drummond Colombia cancels coal cargoes, stocks running out

Aug 1 (Reuters) – Drummond International,
Colombia’s No. 2 coal exporter, has declared force majeure on at
least three cargoes and will run out of coal stocks on Wednesday
after a 10-day strike at the nation’s main railway shut off
supplies, industry sources said.

End-users believe the price impact from the loss of prompt
cargoes while the Colombian rail strike continues may start to
be felt this week with force majeures in the world’s
fourth-largest coal exporter giving surprise price-support to
the over-supplied market.

Jul 31, 2012

Glencore Colombia unit declares force majeure on some coal cargoes

July 31 (Reuters) – Glencore International Plc’s
Prodeco unit has declared force majeure on a case-by-case basis
on less than five vessels due to a strike at Colombia’s main
coal railway, a source close to the situation and a buyer of
Colombian coal said on Tuesday.

The loss of cargoes from Colombia, the world’s
fourth-largest coal exporter, due the rail strike and another
walkout out at the La Jagua mine of Prodeco has not yet had an
impact on prices given high inventories globally.

Jul 30, 2012

Colombia’s main railway, workers at impasse over stuck trains

July 30 (Reuters) – Colombia’s main coal railway, Fenoco,
and striking workers are at an impasse over demands that
laborers first allow trains stuck on the tracks to be moved
before any talks over pay and working conditions can move
forward, officials said on Monday.

The loss of cargoes due the rail strike and another walkout
out at the La Jagua mine of Glencore’s Prodeco unit have not yet
had an impact on prices because there are high inventories at
load ports, mines and discharge ports, but the disruptions may
start to be felt in another week, end users say.

Jul 27, 2012

Drummond Coal cannot load all ships berthing -sources

BOGOTA/LONDON, July 27 (Reuters) – Colombia’s Drummond Coal,
one of the country’s two biggest exporters of thermal coal, will
be able to load only three out of five ships berthing in the
next few days because the Fenoco rail strike has shrunk port
stockpiles, Colombian logistics sources said.

Drummond may have to declare force majeure within a week
unless customers agree to defer shipments, they said.

    • About Jack

      "Jack covers commodities, economics and politics in Colombia. He joined Reuters in 2006 and has since worked throughout east Africa including Kenya, Eritrea, Sudan, Somalia and Uganda. He has also done stints in Iraq."
    • Follow Jack